Title: Relationship to Federal Financial Reports
Accounting Policies: The schedule above is prepared on the accrual basis of accounting and is presented in accordance with the requirements of OMB Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The regulations and guidelines governing the preparation of Federal agency and among programs administered by the same agency. Accordingly, the amounts reported in the Federal financial reports do not necessarily agree with amounts reported in the accompanying schedule which is prepared on the basis explanied in Note 1.
Title: Loans Receivable
Accounting Policies: The schedule above is prepared on the accrual basis of accounting and is presented in accordance with the requirements of OMB Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The City had the following net activity on loan balances receivable from current and prior year Federal expenditures as of June 30, 2024: CDBG/State's Program and Non-Entitlement Grants in Hawaii Loans Receivable at $330,365, Loans
Title: Program Income
Accounting Policies: The schedule above is prepared on the accrual basis of accounting and is presented in accordance with the requirements of OMB Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The City recevied program income from the repayment of Federally funded loans receivable, net proceeds of Federally funded rental activity or sales of Federally funded real property which accounts for a portion of Federal expenditures for the associated Federal CFDA number. The City has $0 remaining in program income as of June 30, 2024 with CDBG/Entitlement Grants program CFDA 14.218.
Title: Outstanding Loans
Accounting Policies: The schedule above is prepared on the accrual basis of accounting and is presented in accordance with the requirements of OMB Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The City has the following net activity on loan balances payable as of June 30, 2024, of which at least a portion are Federal funds: Capitalization Grants for Clean Water State Revolving Funds #R76072 - Loans Payable at 6/30/23 $3,764,246, repaid ($455,586), Loans Payable at 6/30/24 $3,308,660; Capitalization Grants for Clean Water State Revolving Funds #R76074 - Loans Payable at 6/30/23 $3,991,390, issued $897,488, Loans Payable at 6/30/24 $4,888,878. There is no federal portion to Loan R76074 as of June 30, 2024.